Contractors All Risks (CAR) Insurance

Contractors’ All Risks [CAR] Insurance protects the interests of principal, contractors, subcontractors and other relevant parties involved in construction activities.

The coverage under the policy is under two sections as below,

Section 1: Material damage

Coverage in this section includes,

• Accidental damage to the contract works
• Fire, lightning , storm, tempest, flood
• Collapse, collision, impact
• Burglary, theft and malicious damage
• Riot, strike, subsidence, landslide, cyclone, hurricane, earthquake, volcanic eruptions.

Policy can be extended to cover existing surrounding property belonging to the principal.

Section 2: Third-party liability

This Section provides indemnity towards legal liabilities of the Insured to third parties arising out of performance of the contract works.

• Accidental bodily injury and/or death to third parties
• Accidental damage to third-party property

The policy can also be extended to cover contractual obligations during maintenance/defect liability period